Chalice Mining Ltd (ASX: CHN) shares have tanked 6.25% at the time of writing to presently sit at $4.05.
Furthermore, since Wednesday’s close, the Chalice share price has fallen by around 11%, significantly more than the 1.7% fall seen in the All Ordinaries Index (ASX: XAO) over the past two days.
Let’s take a look at what the company has been up to.
Chalice Mining share price falls after latest presentation
On Monday, the Chalice Mining share price fell by nearly 4% after the miner released its latest investor presentation.
The ASX miner lists its Julimar site as Australia’s first “major” palladium discovery.
Palladium is used to create catalytic converters that are said to be more environmentally friendly than other types of converters. In February 2020, palladium reached its record price of US$2,856 per ounce.
Chalice believes that the heavy transport industry and energy storage sectors are rapidly growing areas but future palladium demand will increase even more.
According to Chalice, the palladium market has been in deficit for nine consecutive years.
The presentation draws further attention to some of the company’s gold operations and the Hawkstone nickel-copper project, noting that each of these areas has delivered compelling results.
What’s ahead for Chalice?
Chalice Mining continues to progress the Julimar Project, specifically, the major PGE-NI- Cu-Co-Au discovery.
In 2020, the ASX miner raised approximately $130 million to move the Julimar Project forward.
The miner also highlighted in its presentation that it is building trust with the key stakeholders of the Julimar Project, including indigenous and local communities, landowners and government parties.
The company plans to continue progressing with building its team and maintaining a pipeline of discoveries. Chalice will also continue pursuing its other projects including the Pyramid Hill Gold Project, Hawkstone Nickel-Copper-Cobalt Project, South West Nickel-Copper-PGE Project, and Viking Gold Project, among others.
Chalice Mining share price snapshot
Over the past year, the Chalice Mining share price has exploded more than 1,500% higher. Year to date, Chalice shares have fallen by around 6%.
The ASX miner has a market capitalisation of $1.5 billion and 341.8 million shares outstanding.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
More reading
- Why these 3 ASX mining shares are crashing today
- Why ASX uranium shares could run even hotter in 2021
- Why it could be a good time to buy Domino’s (ASX:DMP) shares
- Brokers name 3 ASX shares to buy right now
- Why the Nova Eye (ASX:EYE) share price is surging 7% higher
Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post Chalice Mining (ASX:CHN) share price tanks 11% in 2 days appeared first on The Motley Fool Australia.
from The Motley Fool Australia https://ift.tt/3c3wi8j
Leave a Reply